President Donald Trump’s social media startup said it plans to invest $2.5 billion into bitcoin, allowing it to expand into crypto and financial services.
Trump Media & Technology Group (TMTG), which owns Truth Social and the streaming platform Truth+, announced Tuesday that it intends to create a “bitcoin Treasury.” Money for the cryptocurrency’s purchase will be raised by selling company stock and convertible bonds, it said.
“We view Bitcoin as an apex instrument of financial freedom, and now Trump Media will hold cryptocurrency as a crucial part of our assets,” said Trump Media CEO Devin Nunes, the former Republican congressman who also now serves as chair of the president’s Intelligence Advisory Board.
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The investment “will help defend our Company against harassment and discrimination by financial institutions, which plague many Americans and U.S. firms, and will create synergies for subscription payments, a utility token, and other planned transactions across Truth Social and Truth+,” Nunes added.
The deal, which TMTG called “one of the largest Bitcoin treasury deals of any public company,” is expected to close as soon as Thursday, said the company, which Trump has a roughly 57% stake in, according to Forbes.
The purchase would make TMTG the third-largest corporate holder of bitcoin, behind bitcoin treasury company Strategy, which owns $63 billion worth of the currency, and crypto mining company MARA, which owns $5 billion worth, according to Fortune.
The deal comes as Trump and his family rapidly expand their personal cryptocurrency investments and his administration simultaneously works to reduce federal regulations on the digital currency industry and strengthen its value. One recent report by the State Democracy Defenders Fund estimated that Trump’s crypto holdings may account for nearly 40% of his wealth.
Just last week, the president controversially hosted an exclusive dinner for the top 220 buyers of his personal $TRUMP memecoin, raising corruption, ethics and security concerns.
Those wanting to have dinner with Trump shelled out between $55,000 and $37.7 million towards his novelty crypto token, according to an analysis by the blockchain analytics company Nansen that was reviewed by NBC News.
The crypto venture World Liberty Financial, which is largely owned by a Trump family corporate entity, also recently raised $2 billion from a fund that’s backed by the United Arab Emirates government.
Last month, the Justice Department also announced that it would no longer pursue certain cryptocurrency crimes and that it was disbanding the National Cryptocurrency Enforcement Team. That team, established in 2022, helped “identify, investigate, support and pursue the department’s cases involving the criminal use of digital assets.”
In March, Trump signed an executive order that created a strategic bitcoin reserve, using cryptocurrency that’s been seized in criminal and civil forfeiture cases.